Q. "My husband and I are having a baby and are worried about our finances. How can we make the most of our money each month?

A. After the initial excitement of your new addition tapers off, worry and anxiety may set in. Becoming a parent is one of the most important decisions adults make.

Parenting takes responsibility, which is why it is important to understand the financial needs of a child. Being worried about finances is common with new parents and may put a damper on the joy you feel.

An article in the October 2009 edition of Working Mother magazine, "Expecting Money: The Essential Financial Plan for New and Growing Families" by Erica Sandberg discusses ways new parents can save money.

-- Revise your baby budget. "Your child does not need half of what's out there," says Sandberg, who advises sticking to the basics and analyzing every purchase.

-- Seek out savings. Ask friends and family for hand-me-downs. Try garage sales and online auctions, which often have good bargains on items like cribs and strollers.

-- Find creative child care options. Perhaps a family member can help you save on baby-sitting. Or consider sharing a nanny with a friend both to cut costs and gain a playmate for your child.

It is important to remember that your little one can bring joys to your life that money can't buy. With the right research and planning, you should be able to raise your baby without emptying your bank account, and all the while enjoying the new found happiness your little one brings.